Royal Energy Management Services (Pty) Ltd v Carse N.O (6426/2021)
Royal Energy Management Services (Pty) Ltd v Carse N.O (6426/2021) [2021] ZAWCHC 241 (23 November 2021)
The court found that the requirement for the applicant to provide a bank guarantee for the balance of the purchase price was a suspensive condition, not a mere term. The applicant's inability to obtain the guarantee, despite reasonable efforts, meant the suspensive condition was not fulfilled, rendering the agreement inchoate. The respondent did not pursue specific performance and failed to establish any contractual right to retain the deposit. The common law and the law of depositum require restoration of the deposit and the sum paid for the movable property, together with interest, in the a…
Source excerpt
- Depositum
- Conditional Sale
- National Credit Act
- Contractual Interpretation
- Specific Performance